DAEGU, Republic of Korea, Sept. 3, 2012 -- Boeing [NYSE: BA] has signed a memorandum of understanding with the Korean province of Gyeongsangbuk-do and the city of Yeongcheon to establish an avionics Maintenance, Repair and Overhaul (MRO) facility in the region that will service avionics components for the Republic of Korea Air Force (ROKAF) fleet of F-15K Slam Eagles.

"Boeing continues to improve its services by bringing them closer to our customers, reducing turnaround time and costs for mission-essential components," said Joe Song, vice president of International Business Development - Asia-Pacific for Boeing Defense, Space & Security. "Over the past half century of working in partnership with the Republic of Korea, Boeing has come to know Korea's strong infrastructure and the excellent knowledge and talent base of its people and industry. We can tap into that as we expand our presence locally and grow our operations while supporting Korea's development objectives.

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The facility, which will be located in the Yeongcheon Industry District of Daegu-Gyeongbuk Free Economic Zone, will support the area's Aero Techno Valley vision of a high-tech aerospace industry corridor and expanded in-country avionics capabilities. The location is close to Daegu Air Force Base and ideally suited for the Slam Eagle work as part of Boeing's Performance-Based Logistics (PBL) program.

"Partnering with a global leader like Boeing will help attract investment from local and international aerospace companies, secure government support and fuel our plans to establish an aviation-parts cluster here," said Gyeongsangbuk-do Gov. Kim Kwan-yong. "Adding high-tech, value-added business such as avionics to the Gyeongsangbuk-do region will open new doors for local industry, create more jobs for high-skilled workers and support technological competitiveness."